In a large bowl, stir together cream cheese, jalapeño, and garlic powder and season with salt and pepper.
Butter one side of each slice of bread.
On the other side of two slices, spread layer of the cream cheese mixture.
In a large skillet over medium heat, add bread with cream cheese mixture, buttered side down. Top with 1/4 cup cheddar and half the bacon, then top with another 1/4 cup cheddar.
Top with remaining slice of bread, buttered side up.
Cook until melty and golden, 4 to 5 minutes, then flip and cook 5 minutes more.
Repeat with second sandwich.